According to a report by OCBC, ThaiBev also saw a narrowed net loss for nonalcoholic beverages (NAB) during Q1.

Meanwhile, ThaiBev’s revenue for the quarter grew 20.7% to THB55.2b ($2.14b) thanks to growth in sales of spirits, beer, and NAB divisions. However, food segment’s sales posted a marginal pullback.

“Recall that in 4Q, their market share had increased from 30% to 38%. NAB losses narrowed We previously mentioned that NAB losses may narrow for the year, as FY15 included the launch of 100+, Jubjai, and Oishi in Malaysia,” notes OCBC.

Aside from the anticipated decrease in SG&A expenses, growth in volume was propelled by products like Jubjai, drinking water, and Est. With the lower oil prices, ThaiBev was also able to enjoy favourable packaging costs.

With regards to the the proposed sugar tax on soft drinks in Thailand, management asserts ThaiBev is ready with potential options like product innovation and possible reductions in sugar content.